Stamps.com 2012 Annual Report Download - page 54

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STAMPS.COM INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of these consolidated financial statements.
Table of Contents
Year Ended December 31,
2012
2011
2010
Operating activities:
Net income
$
38,557
$
26,265
$
5,532
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,649
885
894
Non
-
operating asset write
-
off
—
—
634
Stock
-
based compensation expense
3,991
3,419
2,840
Deferred income taxes
(14,424
)
(8,475
)
(3,979
)
Changes in operating assets and liabilities:
Accounts receivable
(3,966
)
(5,598
)
(501
)
Other current assets
110
(1,461
)
(727
)
Other assets
(209
)
(517
)
556
Deferred revenue
(366
)
(2,295
)
123
Accounts payable and accrued expenses
1,948
3,064
(572
)
Net cash provided by operating activities
27,290
15,287
4,800
Investing activities:
Sale of short
-
term investments
1,621
10,831
4,835
Purchase of short
-
term investments
(6,473
)
(8
)
(14,776
)
Sale of long
-
term investments
8,254
3,473
19,506
Purchase of long
-
term investments
(5,703
)
(1,982
)
(9,984
)
Release (purchase) of restricted cash
500
(500
)
554
Acquisition of property, equipment and intangibles
(26,481
)
(1,308
)
(1,507
)
Net cash (used in) provided by investing activities
(28,282
)
10,506
(1,372
)
Financing activities:
Dividend payment
—
—
(
1,921
)
Return of capital
—
—
(
27,023
)
Proceeds from exercise of stock options
7,306
25,038
2,024
Issuance of common stock under ESPP
915
506
359
Repurchase of common stock
(31,740
)
(5,321
)
(13,807
)
Net cash (used in) provided by financing activities
(23,519
)
20,223
(40,368
)
Net (decrease) increase in cash and cash equivalents
(24,511
)
46,016
(36,940
)
Cash and cash equivalents at beginning of period
54,087
8,071
45,011
Cash and cash equivalents at end of period
$
29,576
$
54,087
$
8,071
Supplemental cash flow information:
Income taxes paid during the period
$
221
$
124
$
199
Capital expenditure accrued but not paid at period end
$
2,294
—
—
Treasury stock accrued but not paid at period end
$
49
—
—
F
-
6